The FINANCIAL — Turkey’s leading cocoa producer and chocolate maker, Altinmarka Gida Sanayi Ve Ticaret AS, is receiving a financial boost to keep up with growing demand.
The European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (TSKB), the Industrial Development Bank of Turkey, are jointly providing a €11 million working capital loan to enable the company to scale up its production.
Altinmarka produces and distributes cocoa powder, butter and liquor as well as industrial chocolate to the chocolate, confectionery, pharmaceutical and cosmetic industries globally. The steadily growing demand shot up in the wake of the coronavirus outbreak as consumers around the world stockpiled chocolate and confectionery.
The loan will finance Altinmarka’s increased working capital needs, for instance for the acquisition of cocoa and coffee beans, milk powder, sugar and other ingredients as well as packaging supplies.
The company is part of Altinmarka Group, owned by the Altinkilic family, which also includes Kahve Dunyasi, a well-known retail coffee chain with near 200 stores in Turkey; Detay Kahve, a coffee processing facility; Detay Cikolata, a chocolate confectionery producer; and Alcao, a cocoa and chocolate maker in Bulgaria.
While this loan marks the debut of the relationship between the EBRD and Altinmarka, the group has been an important client of TSKB since 2017.
Birol Altinkilic, Altinmarka’s owner and Chairman of the Board said: “We are very happy for the financial support of the EBRD and TSKB for our group’s working capital needs. At Altinmarka Group, we believe this is a good start for our future relationship. I would like to thank the EBRD and TSKB management teams for their confidence in our organisation. I hope our business together will steadily increase.”
Arvid Tuerkner, EBRD Managing Director for Turkey, said: “This loan marks the beginning of our relationship with Altinmarka and we are very pleased to lend our support to this excellent Turkish company. In a competitive environment and under challenging circumstances Altinmarka is demonstrating great resilience. We are proud to join forces with TSKB to lead Altinmarka to further growth and success.”
Hasan Hepkaya, TSKB’s Executive Vice President, said: “We are delighted to contribute to the working capital of Altinmarka, one of the most successful companies in our country in its own industry, within the framework of the 2016 co-financing loan agreement with our long-term business partner, the EBRD. Furthermore, our loan agreement is critical as it brings dynamism to our country’s economy in such a period when the economic effects of the Covid-19 outbreak prevail. The current year marks our 70th year of establishment, and we continue to extend our uninterrupted support to our country’s economy as well as the private sector, even if we are currently experiencing extraordinary conditions. We work ceaselessly to create value for companies through funding as well as our investment banking and advisory services.”